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Vornado JV Under Contract to Sell West Chelsea Offices
Vornado Realty Trust said its majority-owned joint venture with the Albanese Organization had agreed to sell 512 W. 22nd St., a 173,000-square-foot office property in West Chelsea, for $205 million. The buyer was not disclosed.
The JV plans to use a portion of the proceeds to repay the $123.6-million mortgage loan encumbering
the property. The sale is expected to be finalized in the third quarter of 2025.
Vornado and Albanese completed the property, located between Tenth and Eleventh avenues, in 2018. Its current tenant roster includes IMG Worldwide, Kenneth Cole Productions and Warner Media.
Earlier this month, Vornado announced the completion of a 70-year master lease for 1,076,000 square feet with New York University at 770 Broadway near Union Square. NYU made a prepaid lease payment to Vornado of $935 million and will also make annual lease payments of approximately $9.3 million. The university may buy the property in 2055 or 2095.
